CHICAGO: Chicago Board of Trade soyabean futures surged about 2% on Friday, hitting a fresh two-year high on expectations that export demand for US soya would tighten stockpiles more than the US Department of Agriculture (USDA) forecast in monthly reports, traders said.
CBOT November soyabeans settled up 18-1/2 cents at $9.96 per bushel after reaching $9.98, the highest point on a continuous chart of the most-active soyabean contract since June 2018. For the week, the CBOT November contract rose 28 cents a bushel, or nearly 3%, its fifth consecutive weekly advance.
Several other soyabean futures contracts set life-of-contract highs on Friday, including the nearby September and the January and March contracts.
CBOT December soyameal ended up $7.10 at $324.60 per short ton and CBOT December soyaoil rose 0.51 cent to settle at 33.71 cents per pound.
Comments
Comments are closed for this article.